Potter v. Gmp

In August of 1999, Potter, Steve Miller ("Miller"), and Larry Grothues ("Grothues") formed three interrelated business entities to purchase 300 acres of land in Medina County, for a concrete quarry. Two of the entities were limited partnerships, Alamo Reserve, Ltd. ("Alamo, Ltd.") and Geronimo Creek, Ltd. ("Geronimo, Ltd."). Both limited partnerships had the same ownership structure. Potter owned the majority interest with 39.51%, Grothues and Miller each owned 22.245%, and two other individuals owned 15%. The third entity, GMP, was a newly created limited liability company owned by Potter (49%), Grothues and Miller (25.5% each). GMP served as the general partner in the two limited partnerships, with a 1% ownership interest.